A day in the life of an Investment Banking Expert
IPO Books – Philippe Espinasse
by Philippe Espinasse
1y ago
  Set out below is an article that was published in the Autumn 2022 edition of “Expert Matters”, the magazine of the Expert Witness Institute (EWI) in the UK, of which I am a member. Philippe Espinasse: Consultant / EWI Member A capital markets background I spent the best part of two decades as an investment banker, in New York, London, continental Europe, and (for the longest time) Hong Kong, with a pan-Asian remit. I have worked for a traditional British merchant bank, an Australian firm, and a Japanese broker. My specialty is capital markets, that is, the sale or issuance of liste ..read more
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20% discount on “IPO: A Global Guide”
IPO Books – Philippe Espinasse
by Philippe Espinasse
2y ago
Receive a 20% discount when ordering the third edition of my book, “IPO: A Global Guide”, on the publisher’s website. Simply insert the discount code A-IP312 when placing the online order with Hong Kong University Press. See the link below! Click here The post 20% discount on “IPO: A Global Guide” appeared first on IPO Books - Philippe Espinasse ..read more
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Discount for North American readers
IPO Books – Philippe Espinasse
by Philippe Espinasse
2y ago
For those of you based in North America, University of Chicago Press is offering 70% off until the end of May 2022 on purchases of my book, “Cornerstone Investors: A Practice Guide for Asian IPOs”, through their website. Click on the link below to benefit from this offer. https://lnkd.in/gYWikXPv The post Discount for North American readers appeared first on IPO Books - Philippe Espinasse ..read more
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3rd edition of ‘IPO: A Global Guide’
IPO Books – Philippe Espinasse
by Philippe Espinasse
2y ago
The 3rd edition, published by Hong Kong University Press, is now in print and will be available for purchase shortly. This book explains the key aspects of executing an international IPO. Packed with useful tips, it reviews rules and market practices from the US to Europe, the Middle East, and the Asia-Pacific region. Real-life case studies are used to illustrate all aspects of conducting an IPO, including documentation, valuation, as well as marketing issues. This new edition has been the subject of a complete and detailed revision, including new information pertaining to market developments ..read more
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The Hong Kong paradox
IPO Books – Philippe Espinasse
by Philippe Espinasse
3y ago
What once looked like a healthy and steady pipeline of IPOs across Europe and the US has evaporated in a flash. The reasons behind this demise are all too well known: the never-ending Brexit saga (whose likely outcome remains clear as mud, although the possibility of a “hard”, no deal leave of the EU by the UK is now closer than ever before); a bitter trade war between China and the US; rising interest rates; and now (yet again!) a government shutdown in America over the issue of a wall to be erected on the country’s Mexican border. Markets hate uncertainty and, if anything, these sorry develo ..read more
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Size matters – but not too much
IPO Books – Philippe Espinasse
by Philippe Espinasse
3y ago
Surprise, surprise. Riyadh appears to have lost its bet to successfully bring to market a US$100 billion-plus IPO for Saudi Aramco. This is in spite of lining up big guns – bulge-bracket international investment banks and Western advisers – to structure what was initially touted as the largest-ever flotation in the history of financial markets Instead, Saudi Arabia will have to settle with a (still very respectable) US$25 billion-ish deal, and has had to drop the international portion of the transaction. At an early stage during the marketing phase, global institutions proved simply unwilling ..read more
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A quick reminder about HKEX’s governance
IPO Books – Philippe Espinasse
by Philippe Espinasse
3y ago
On 8 October 2019, HKEX quietly dropped its US$36 billion-plus bid for the London Stock Exchange, citing its disappointment that, “it had been unable to engage” with the management of the latter “in realising its vision to create a world-leading market infrastructure group”. On the surface, it would appear that the LSE’s shareholders were more convinced of the merits of its own US$27 billion bid for financial business information provider Refinitiv, than in a tie-up with one of Asia’s largest exchange platforms. The timing was also perhaps wrong: reportedly, the bid by HKEX was hastily put tog ..read more
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A Tokyo listing for Saudi Aramco?
IPO Books – Philippe Espinasse
by Philippe Espinasse
3y ago
Amid drone attacks on Saudi Aramco’s production facilities, news that both the London and Hong Kong stock exchanges were unlikely to be in the running for the international portion of the company’s flotation came as no surprise. With a no-deal Brexit in the UK more than ever a possibility, and the ongoing protests in China’s special administrative region, the two platforms are justifiably marred by continuing uncertainty concerns. The recent bid by HKEX for the LSE – however unlikely in its present form – will also have done little to allay these doubts. What was more of a revelation, however ..read more
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Enemy at the gates?
IPO Books – Philippe Espinasse
by Philippe Espinasse
3y ago
Yesterday was only the second time since 1967 that there was a general strike in Hong Kong – and the very first time under Chinese rule. With pitch battles between protesters and the police now a daily (and ever more violent) occurrence, and no end in sight, as neither side appears willing to back down from their entrenched positions, it’s hard to see an obvious solution to the crisis. The continuous fall in the Hang Seng index over the last month has now erased all of the gains made in 2019, and the dizzying drop seen over the last few days shows the panic that is now beginning to take hold ..read more
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What it takes to be an Asian ECM powerhouse
IPO Books – Philippe Espinasse
by Philippe Espinasse
3y ago
Last week, news that Deutsche Bank would fold its global equities business and terminate almost 20,000 of its employees came as a shock for market observers. Not least because equities and equity capital markets was how Deutsche’s international investment banking business came to be: the origins of the German lender’s global platform in earnest probably date back to the poaching in the mid-1990s of my former colleagues Maurice Thompson and Michael Cohrs (and most of their team), who then together headed ECM at S.G.Warburg (now part of UBS). That Deutsche Bank chose to exit what once made it gr ..read more
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